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Crimes have turned digital, thanks to more prevalent online connections and fragmented regulation. Crime-as-a-service aids even the least sophisticated fraudsters. We’ve seen a sharp increase in account takeovers that has led to increased fraud; new marketplaces like that of non-fungible tokens are riddled with fraud. Criminals and nation states use cryptocurrency to mask their actions. Regulators are busy investigating incidents, especially those that cause harm to consumers through unfair, deceptive practices or weaknesses in controls.
At the same time, the ever-changing threat landscape (cyber attacks, insider threats, geo-political events, pandemics, weather events, etc.) is driving organizations to rethink their strategies and capabilities for withstanding an incident or disruption event.
To meet market demands and client needs. PwC and AWS have collaborated on the capability to fuse together cybersecurity and fraud management operations for clients. This capability brings together cross functional processes required across the organization to respond to cyber incidents efficiently and consistently, advanced analytics to combat insider threats and APTs (Advanced Persistent Threats), and a 24x7 monitoring capability to address increases in cyber and fraud attacks.
In a recent IDC Spotlight, sponsored by PwC, titled ‘Cyber and Fraud Fusion Comes of Age’ (April 2023, #US50585323), analysts state that, ‘Making use of its services and technologies focused on clients' first-line fraud controls, PwC has created a cyber fraud fusion center built on AWS that leverages its services for extensive compute, storage, and transformation capabilities. The platform leverages the Open Cybersecurity Schema Framework (OCSF) for log normalization and streamlined analysis provided by AWS Security Lake.’
'The fusion of cyber risk and fraud data, processes, and operations addresses many needs in the industry today, including the need for increased transparency into risk events that will ultimately improve cyber resilience and incident response', according to Jason Stauffenecker, Principal, Cybersecurity & Privacy, PwC US. 'We are excited about our collaboration with AWS to co-develop these important technologies and capabilities to the market.'